Reuters: Regulatory News: Conoco fights MF Global trustee over $93.5 million

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Conoco fights MF Global trustee over $93.5 million Jun 27th 2012, 21:53 By Ann Saphir CHICAGO, June 27 | Wed Jun 27, 2012 5:53pm EDT CHICAGO, June 27 (Reuters) - ConocoPhillips and MF Global Inc's bankruptcy trustee are squaring off in a $93.5 million dispute that illustrates how hard it is to divvy up the assets of the failed brokerage, a Reuters analysis of a court filing shows. On Friday last week, the oil company -- a longstanding MF Global customer -- filed an objection to the trustee's treatment of its claim, calling his approach "flawed" and saying Conoco had not received the bulk of the distributions from its MF Global accounts to which it was entitled. The filing does not say how much Conoco believes it is still owed. A Reuters analysis based on figures included in the court filing, the trustee's determination of Conoco's claim, and the amounts the trustee has returned to most other customers shows the figure is around $35 million. The same analysis shows bankruptcy trustee James Giddens believes he has overpaid Conoco by about $58 million.

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